Rani Therapeutics, which develops ingestible capsules for oral dosing of medication, announced terms for its IPO on Monday.
The San Jose, CA-based company plans to raise $100 million by offering 6.7 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Rani Therapeutics would command a fully diluted market value of $724 million.
Rani Therapeutics is a clinical stage biotherapeutics company advancing technologies to enable the development of orally administered biologics, which it believes has the potential to transform medicine and improve patient outcomes. Rani Therapeutics has developed the RaniPill capsule, a novel, proprietary, and patented platform technology, intended to replace subcutaneous or IV injection of biologics with oral dosing.
Rani Therapeutics was founded in 2012 and booked $1 million in revenue for the 12 months ended March 31, 2021. It plans to list on the Nasdaq under the symbol RANI. BofA Securities, Stifel, Cantor Fitzgerald, and Canaccord Genuity are the joint bookrunners on the deal. It is expected to price during the week of July 26, 2021.
The article Oral capsule developer Rani Therapeutics sets terms for $100 million IPO originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.
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